金融干预的成本与收益:产能过剩与技术进步

The Costs and Benefits of Financial Intervention:Excess Production Capacity and Technological Progress

对于投资潮涌与产能过剩现象,基于新结构经济学的视角,本文提炼出一个具有发展经济学色彩的金融干预两难理论:如果政府不实施积极的金融干预,具有协调困难的市场就难以充分利用后发优势蕴含的技术进步机会;为了充分利用发展机会,政府会通过金融干预来放松市场主体的融资约束,而这为投资潮涌提供了通道;金融干预在导致产能过剩的同时,也促进了技术进步。因此,产能过剩与技术进步可分别视为政府金融干预的成本与收益,这实际上凸显了发展中国家通过金融政策来利用后发优势的两难困境。

With regard to the phenomenon of investment wave and excess production capacity,from the perspective of new structural economics,this paper abstracts a theory of financial intervention dilemma with the color of development economics:if the government does not conduct active financial intervention,it is hard for the markets that can't be coordinated to make full use of the technological progress opportunity implied in the advantages that emerge later;in order to take full advantage of development opportunities,the government will relax the financing constraint of market subject by financial intervention to provide channels for ' investment wave';while financial intervention leads to excess production capacity,it promotes technological progress.Therefore,excess production capacity and technological progress can be viewed as the cost and benefit of governmental financial intervention. This actually shows the dilemma of using the advantages that emerge later by financial policies in the developing countries.